Daily Current Affairs May 01

Dear Champions, as you all know that a lot of competitive exams have been notified consequently. Candidates have to prepare themselves according to the level of competition and expectation of the Recruitment board. Regarding that one of the most important topic is Daily Current Affairs May 01. Current Affairs in the form of contemporary events of national & international play a crucial role in almost every competitive exams like Banking, Insurance, SSC, UPSC, TNPSC, Railway etc.

Current affairs are the most dynamic yet scoring among all sections and need to be prepared from the right source. Here, we cafunsta team, providing  Daily GK Updates, Current Affairs Questions, and Monthly  current affairs pdf.

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May 01 | Daily Current Affairs 2024

Important Days – Daily Current Affairs May 01

1. Why are Maharashtra Day and Gujarat Day celebrated on May 1st?
A) Labor movements
B) Linguistic reorganization
C) National unity
D) Independence
E) None of the above
Answer: B) Linguistic reorganization

Event and Location:

• Event: The celebration of Maharashtra Day and Gujarat Day.
• Location: Maharashtra and Gujarat, India.

Mandates and Objectives:

• Objective: To commemorate the foundation of Maharashtra and Gujarat as separate states following their division from the former state of Bombay based on linguistic demographics.

Important Terms Explained:

• Bombay Reorganisation Act: The legislative act responsible for the division of the former state of Bombay into Maharashtra and Gujarat based on linguistic lines in 1960.

Static GK Information:

• Maharashtra: Capital – Mumbai; Language – Marathi.
• Gujarat: Capital – Gandhinagar; Language – Gujarati.

Tabular Summary:

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Sports – Daily Current Affairs May 01

2. Which team won the Ligue 1 title for a record-extending 12th time?
A) AS Monaco
B) Olympique Lyonnais
C) Paris St Germain
D) Stade Rennais
E) Brest
Answer: C) Paris St Germain

Event and Location:

• Event: Paris St Germain (PSG) clinched their 12th Ligue 1 title.
• Location: France, specifically noted during their domestic league matches.

Mandates and Objectives:

• PSG aimed to extend their record of Ligue 1 titles, achieving their third consecutive championship.
• Their objective continues to be dominance in French football, as evidenced by their consistent performances and strategic management.

Important Terms Explained:

• Ligue 1: The top professional football division in France. PSG’s 12th title further solidifies their position as one of the most successful clubs in the history of the league.
• Qatari Takeover: The purchase of PSG by Qatari investors in 2011, which has significantly influenced the club’s financial and competitive landscape.

Static GK Information:

• Paris St Germain (PSG): Founded in 1970; President – Nasser Al-Khelaifi; Headquarters – Paris, France.
• AS Monaco: Runner-up in the recent league; notable for their competitive performances in Ligue 1.

Tabular Summary:

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Obituary – Daily Current Affairs May 01

3. What was Vinay Vir’s role in journalism?
A) Sports writer
B) Economic analyst
C) Political commentator
D) Editor and publisher
E) None of the above
Answer: D) Editor and publisher

Event and Location:

• Event: Vinay Vir, a prominent journalist, publisher, and editor, passed away.
• Location: South India, specifically connected with the Hindi journalism community there.

Mandates and Objectives:

• Vinay Vir was committed to promoting the Hindi language in southern India.
• He aimed to enhance the quality and reach of Hindi through his role at the Daily Hindi Milap.

Important Terms Explained:

• Daily Hindi Milap: A newspaper focused on Hindi journalism in southern India. Under Vinay Vir’s leadership, it gained prominence and respect.
• Yudhvir Foundation: Established in memory of Vinay Vir’s father, this foundation recognizes significant achievements across various fields.

Static GK Information:

• Vinay Vir: Age at death – 72 years; Roles – Journalist, publisher, editor.
• Daily Hindi Milap: Vinay Vir became editor in 1991.
• Yudhvir Foundation: Vinay Vir served as secretary; it honors notable achievements in respective fields.

Tabular Summary:

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Banking and Finance – Daily Current Affairs May 01

4. Why did the Reserve Bank of India cancel Acemoney’s NBFC license?
A) Poor financial health
B) Violation of guidelines
C) Mergers and acquisitions
D) Ownership changes
E) None of the above
Answer: B) Violation of guidelines

Event and Location:

• Event: Cancellation of Acemoney’s NBFC license.
• Location: Delhi, India.

Mandates and Objectives:

• Objective: The Reserve Bank of India aimed to enforce strict compliance with its guidelines, specifically concerning lending practices and the confidentiality of customer information.

Important Terms Explained:

• NBFC (Non-Banking Financial Company): Financial institutions that offer various banking services, but do not hold a banking license. They are not subject to the banking regulations and oversight by federal and state authorities adhered to by traditional banks.
• Certificate of Registration (CoR): A certificate issued by the RBI that allows companies to operate as NBFCs in India.
• Digital Lending: The practice of offering loans through digital channels, often involving third-party apps.

Static GK Information:

• Reserve Bank of India (RBI): Founded in 1935; Governor – (as of the last available update); Headquarters – Mumbai, India.
• Acemoney: Operations ceased as NBFC in 2024.

Tabular Summary:

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5. What is the focus of the updated “Guidance Note on Operational Risk Management and Operational Resilience” released by the RBI?
A) Credit risk control
B) Market speculation
C) Operational risk management
D) Investment strategies
E) None of the above
Answer: C) Operational risk management

Event and Location:

• Event: Release of the updated “Guidance Note on Operational Risk Management and Operational Resilience” by the RBI.
• Location: Mumbai, India.

Mandates and Objectives:

• Objective: To enhance the effectiveness of operational risk management and promote resilience within financial institutions, including NBFCs and housing finance companies.

Important Terms Explained:

• Operational Risk Management: The practice of identifying, assessing, and controlling risks that arise from operational failures and disruptions within an organization.
• Operational Resilience: The ability of an organization to continue to provide critical operations through disruptions from external and internal factors.
• NBFCs (Non-Banking Financial Companies): Financial institutions that offer various banking services but do not have a banking license.
• Basel Committee: A committee of banking supervisory authorities that provides recommendations on banking regulations, specifically concerning risk management.

Static GK Information:

• Reserve Bank of India (RBI): India’s central banking institution, which controls the monetary policy of the Indian rupee; established on April 1, 1935; Headquarters in Mumbai, India.

Tabular Summary:

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Business and Economy – Daily Current Affairs May 01

6. What is the primary nature of the agreement between Max Estates and New York Life Insurance?
A) Partnership dissolution
B) Share acquisition
C) Real estate purchase
D) Technology transfer
E) None of the above
Answer: B) Share acquisition

Event and Location:

• Event: Max Estates signing a memorandum of understanding with New York Life Insurance Company.
• Location: Bengaluru, India.

Mandates and Objectives:

• Objective: The agreement involves New York Life Insurance acquiring a significant number of shares in Max Towers Private Limited (MTPL) and Pharmax Corporation Limited (PCL), which are associated with Max Estates.

Important Terms Explained:

• Memorandum of Understanding (MoU): A formal agreement between two or more parties.
• Equity Shares: Shares representing ownership in a company, giving shareholders a claim on part of the company’s assets and earnings.

Static GK Information:

• Max Estates Ltd: A real estate development arm under the Max Group, involved in developing premium properties.
• New York Life Insurance Company (NYL): One of the largest life insurance companies in the world, headquartered in New York, USA.

Tabular Summary:

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7. What led to the record high GST collection in April 2024?
A) Decrease in domestic transactions
B) Increase in import duties
C) Strong economy and tax system
D) Decreased compliance
E) None of the above
Answer: C) Strong economy and tax system

Event and Location:

• Event: Record-high GST revenue collection in April 2024.
• Location: New Delhi, India.

Mandates and Objectives:

• Objective: The achievement was attributed to a strong momentum in the economy and an efficient tax system, which drove significant growth in both domestic transactions and imports.

Important Terms Explained:

• GST (Goods and Services Tax): A comprehensive, multi-stage, destination-based tax that is levied on every value addition.
• CGST, SGST, IGST: Central GST, State GST, and Integrated GST are different components of GST tailored to share tax revenue between the central and state governments.

Static GK Information:

• Finance Minister: Nirmala Sitharaman.
• Ministry of Finance: Responsible for the management of finances of the Government of India, headquartered in New Delhi.

Tabular Summary:

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8. What trend was observed in UPI transactions from March to April 2024?
A) Significant increase
B) Slight decrease
C) No change
D) Fluctuation
E) None of the above
Answer: B) Slight decrease

Event and Location:

• Event: Moderation in the number and value of UPI transactions.
• Location: Mumbai, India.

Mandates and Objectives:

• Objective: Observation of transaction trends in the Unified Payments Interface (UPI) platform from the peak in March 2024.

Important Terms Explained:

• UPI (Unified Payments Interface): A system that powers multiple bank accounts into a single mobile application, merging several banking features, facilitating seamless fund routing and merchant payments under one umbrella.
• Transaction Moderation: A slight decrease in the number or value of transactions from a previous high.

Static GK Information:

• UPI Governing Body: National Payments Corporation of India (NPCI), an umbrella organization for all retail payments in India.
• FY24: Fiscal Year 2024, a standard term used to denote the financial year.

Tabular Summary:

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Appointments – Daily Current Affairs May 01

9. Who has been approved as the Managing Director and CEO of Jio Financial Services?
A) Anil Ambani
B) Mukesh Ambani
C) Hitesh Kumar Sethia
D) Sunil Mittal
E) None of the above
Answer: C) Hitesh Kumar Sethia

Event and Location:

• Event: Approval of Hitesh Kumar Sethia as Managing Director and CEO of Jio Financial Services.
• Location: New Delhi, India.

Mandates and Objectives:

• Objective: To appoint Hitesh Kumar Sethia as the MD and CEO of Jio Financial Services, ensuring leadership continuity and regulatory compliance.

Important Terms Explained:

• Jio Financial Services: A financial subsidiary of Reliance Industries, involved in various financial services.
• Managing Director (MD) and Chief Executive Officer (CEO): The highest-ranking executive in a company or organization, responsible for the overall operations and performance.

Static GK Information:

• Ministry of Corporate Affairs (MCA): Indian government ministry charged with administration of the Companies Act 2013, and other regulatory functions; headquartered in New Delhi.
• Companies Act 2013: An act of the Parliament of India regulating incorporation, responsibilities, and dissolution of companies in India.

Tabular Summary:

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Defence – Daily Current Affairs May 01

10. What is the primary purpose of the Supersonic Missile-Assisted Release of Torpedo (SMART) system tested by India?
A) Surface warfare
B) Anti-submarine warfare
C) Air defense
D) Ballistic missile testing
E) None of the above
Answer: B) Anti-submarine warfare

Event and Location:

• Event: Flight test of the supersonic missile-assisted release of torpedo (SMART) system.
• Location: Dr APJ Abdul Kalam Island off the Odisha coast, India.

Mandates and Objectives:

• Objective: To enhance the anti-submarine warfare capabilities of the Indian Navy with a system that extends beyond the conventional range of lightweight torpedoes.

Important Terms Explained:

• Supersonic missile-assisted release of torpedo (SMART): A missile system designed to deploy torpedoes at greater distances than traditional methods, using advanced missile technology to enhance anti-submarine warfare.
• Defence Research and Development Organisation (DRDO): India’s premier agency under the Ministry of Defence, tasked with military’s research and development.

Static GK Information:

• Indian Navy: The naval branch of the Indian Armed Forces, responsible for securing the nation’s maritime borders.
• DRDO: Established in 1958; headquartered in New Delhi, India.

Tabular Summary:

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National Affairs – Daily Current Affairs May 01

11. What was the main activity conducted by the Ministry of Parliamentary Affairs during Swachhata Pakhwada?
A) Tree planting
B) Water conservation
C) Cleanliness drive
D) Energy efficiency campaign
E) None of the above
Answer: C) Cleanliness drive

Event and Location:

• Event: Observation of Swachhata Pakhwada by the Ministry of Parliamentary Affairs.
• Location: Samvidhan Sadan and Kerala Senior Secondary School, Vikaspuri.

Mandates and Objectives:

• Objective: To promote cleanliness and proper maintenance within the ministry and spread awareness about hygiene and cleanliness in the community.

Important Terms Explained:

• Swachhata Pakhwada: A special cleanliness initiative observed by various departments of the Government of India, focusing on intensive cleaning, awareness, and the promotion of hygiene practices.
• Swachhata Pledge: A commitment made by individuals to uphold cleanliness and hygiene in their daily lives and surroundings.

Static GK Information:

• Ministry of Parliamentary Affairs: Responsible for managing the affairs of the Parliament of India, ensuring coordination between the two houses and the government departments.
• Department of Drinking Water & Sanitation: Government department responsible for the national rural drinking water programme and the total sanitation campaign.

Tabular Summary:

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12. Which significant meeting related to Antarctic governance is India set to host in 2024?
A) G20 Summit
B) COP26
C) ATCM 46
D) ASEAN Summit
E) None of the above
Answer: C) ATCM 46

Event and Location:

• Event: India hosting the 46th Antarctic Treaty Consultative Meeting (ATCM 46) and the 26th Meeting of the Committee for Environmental Protection (CEP 26).
• Location: Kochi, Kerala, India.

Mandates and Objectives:

• Objective: To facilitate global dialogue on environmental stewardship, scientific collaboration, and cooperation in Antarctica, reinforcing India’s role as a responsible global stakeholder.

Important Terms Explained:

• Antarctic Treaty System: A system established to regulate international relations with respect to Antarctica, primarily for environmental protection and scientific research.
• Committee for Environmental Protection (CEP): An advisory body that provides recommendations to the ATCM on environmental matters in Antarctica.
• Antarctic Treaty Consultative Meeting (ATCM): An annual meeting where parties discuss and make decisions regarding governance and management of Antarctica.

Static GK Information:

• Ministry of Earth Sciences (MoES): Government body in India responsible for meteorology, oceanography, and other earth science fields; headquartered in New Delhi.
• National Centre for Polar and Ocean Research (NCPOR): An autonomous research and development institution under MoES, based in Goa, focused on polar and southern ocean research.

Tabular Summary:

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Over All Review

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